Fulham property prices continued to move upwards in the first three months of 2010, according to the latest official figures.

The average price hit £721, 892, up 6.1% from the average of £680,509 in the previous quarter.

Terraced houses were up 15.8% on the previous quarter and 16.6% on the same period last year, zooming over the million mark to reach an average of £1,093,457. The average during October to December 2009 was
£944,446.

Flats rose by a smaller 2.4% to reach £447,378 compared with £436,996 in the previous quarter.

During this traditionally quiet winter period, no detached or semi-detached houses were reported to have changed hands, and the overall volume of sales dropped by 15.3% from 275 in the previous quarter to 233.

Looking longer term however, the picture is brighter. The volume of overall sales is up 177% on the total during the first three months of last year.

Across London, the average property price has risen by 13% to £336,409, making the capital the best performing region of the country over the last twelve months to the end of March.

The rest of the country has seen rises of 7.5% bringing the national average to £164,288, although prices did fall slightly during March.

Right Move's House Price index, which is based on offered prices rather than sales prices, is showing that in April sellers ignored pre-election concerns and put prices up by 2.6% in the month. In London the average asking price is now £421,822.

Miles Shipside, commercial director of Rightmove says: " Rarer property types in desirable locations are achieving record prices. For 'location, location, location' you can also read 'cash, cash, cash'.

" Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, sellers are having to price much more aggressively to secure a sale.

" There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale."

Although political uncertainty appears to have had little impact on property in the UK thus far, Miles expects the market to go into 'suspended animation' until a clearer picture emerges on the stability of the new Government.